Pharmacovigilance Global Market Revenue to Reach $14.11 Billion at a CAGR of 12.9% By 2028 | IQVIA, Cognizant, ICON PLC, ArisGlobal, Zoetis Inc.

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Pharmacovigilance Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The pharmacovigilance market size has grown rapidly in recent years. It will grow from $7.63 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to increasing incidence of adverse drug reactions (adrs), the increasing research and development (r&d) activities, the growing drug development rates, the increasing focus on personalized medicine and the rising prevalence of chronic diseases.

The pharmacovigilance market size is expected to see rapid growth in the next few years. It will grow to $14.11 billion in 2028 at a compound annual growth rate (CAGR) of 12.9%. The growth in the forecast period can be attributed to the rising healthcare expenditure, the increasing government support and the aging population. Major trends in the forecast period include increasing investments, use of artificial intelligence, use of innovative platforms, use of innovative cloud-based systems and strategic mergers and acquisitions.

Get Free Sample Of This Report-
https://www.thebusinessresearchcompany.com/sample.aspx?id=5928&type=smp

Market Segmentation:
The pharmacovigilance market covered in this report is segmented -
1) By Type: Spontaneous Reporting, Intensified ADR Reporting, Targeted Spontaneous Reporting, Cohort Event Monitoring, EHR Mining
2) By Service Provider: In-House, Contract Outsourcing
3) By Process Flow: Case Data Management, Signal Detection, Risk Management System
4) By Clinical Trial Phases: Preclinical, Phase I, Phase II, Phase III, Phase IV
5) By End User: Hospitals, Pharmaceutical Companies, Other End Users

Major Driver - Research And Development Drive Growth In The Pharmacovigilance Market
The increasing research and development activities will drive the pharmacovigilance market. By investing in R&D, pharmaceutical companies can develop new and innovative drugs with improved safety profiles. Rigorous preclinical and clinical testing during the drug development process enables early identification of potential safety concerns, allowing for appropriate risk mitigation strategies to be implemented. Additionally, R&D efforts contribute to the advancement of technologies for adverse event monitoring, data analysis, and signal detection, facilitating the early detection of adverse drug reactions in the post-marketing phase. For example, in February 2022, according to a study issued by IQVIA, a US-based supplier of biopharmaceutical development and commercial outsourcing services, venture capital deal activity and the flow of investments in the United States have increased in the last two years as demand in life sciences has increased, with over 2,000 agreements and $47 billion in deal value expected in 2021. Furthermore, the 15 top pharmaceutical corporations would invest a record $133 billion in R&D in 2021, a 44% increase over prior years. Furthermore, the total number of research participants in planned new trials will surpass 2 million in 2021, more than double the quantity seen before the research. Therefore, the increasing research and development activities supported the growth of the pharmacovigilance market.

Competitive Landscape:
Major companies operating in the pharmacovigilance market report are IQVIA, Cognizant, ICON Plc, PAREXEL International Corporation., United BioSource LLC, ArisGlobal, Quanticate, Wipro Limited, Linical Americas, Novotech CRO, Wuxi Apptec, Simcere Pharmaceutical Group, Lee's Pharmaceutical Holdings, Luye Pharma Group, EXTEDO, Arriello, PrimeVigilance, Axios International, C3i Solutions, Alcon, Secure AI Labs, OmniSol dot Tech, Canna Call Company, Veripad, Prevnos Inc., Lifescient, Inc, BeiGene, QuintilesIMS, Labcorp Drug Development, Pharmaceutical Product Development Inc., PRA Health Sciences, Synowledge LLC, RAPAhub, illuminate health, Invenio Medical, ClinChoice Inc., MSD, Novasyte, Fortrea Holdings Inc, Syneos Health Clinical, Zoetis Inc., Telerx Marketing Inc., Gilead Sciences, Inc., Elanco, Abbott Laboratories, Spimaco, Teva Pharmaceutical Industries Ltd., DSV Healthcare

Get Access To The Full Market Report -
https://www.thebusinessresearchcompany.com/report/pharmacovigilance-global-market-report

Top Trend - Pharmacovigilance Market Embraces Artificial Intelligence For Enhanced Efficiency And Safety
Companies in the pharmacovigilance market are focusing on artificial intelligence (AI) to improve efficiency. AI can help improve the efficiency and accuracy of pharmacovigilance activities, ultimately leading to better patient outcomes. By utilizing AI, pharma companies can streamline their processes, improve data management, and accelerate drug discovery, while simultaneously reducing costs and improving safety. For example, in November 2021, Deloitte, a UK-based professional services company, and Sanofi, a France-based company that is responsible for managing pharmacovigilance tasks and activities worldwide, collaborated on a next-generation, artificial intelligence (AI) software-as-a-service adverse events case intake platform called ConvergeHEALTH Safety™, to modernize pharmacovigilance (PV) and tackle some of the major operational issues facing the sector. As a result of the initial deployment, Sanofi has already increased case quality and processing efficiency within PV by automating the case intake process. This has allowed Sanofi to concentrate resources on the remainder of the adverse event (AE) case process as well as on optimizing the benefit-risk profiles of their medications.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pharmacovigilance Market Characteristics
3. Pharmacovigilance Market Trends And Strategies
4. Pharmacovigilance Market - Macro Economic Scenario
5. Pharmacovigilance Market Size And Growth
…..
27. Pharmacovigilance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.

This release was published on openPR.